Sphere Entertainment

SPHR · NYSE

$112.84+$9.95 (+9.67%)TodayMarket closed · Oct 20, 4:45 PM ET

Prev close $102.89

SPHR analyst rating

BuyConsensus of 12 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy11
Hold1
Underperform0
Sell0

12-month price target · 15 analysts

Average $186.40 (+65.2% upside)

Low: $159.58
Now: $112.84
High: $218.40

Upgrades and downgrades

The latest rating actions, newest first

SPHR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Guggenheim	Oct 14, 2026	Maintains	Buy	$208.00 → $180.00	45%
StoneX	Oct 6, 2026	Maintains	Buy	$175.00 → $125.00	54%
BTIG	Oct 6, 2026	Maintains	Buy	$190.00 → $160.00	39%
Guggenheim	Sep 2, 2026	Maintains	Buy	$193.00 → $208.00	45%
Piper Sandler	Aug 20, 2026	Initiates	Overweight	$185.00	44%
BTIG	Aug 3, 2026	Maintains	Buy	$190.00	39%
JP Morgan	Jul 31, 2026	Maintains	Overweight	$165.00 → $164.00	69%
Guggenheim	Jul 31, 2026	Maintains	Buy	$188.00 → $193.00	45%
BTIG	Jul 27, 2026	Maintains	Buy	$190.00	39%
JP Morgan	Jul 21, 2026	Maintains	Overweight	$150.00 → $165.00	69%

The case for and against

Updated Oct 14, 2026

Bull case

Sphere Entertainment is viewed favorably because its immersive Sphere concept is capturing rising demand for live entertainment, with FY25 Sphere Experience revenue of about $780 million, up 27% year over year, despite softer Vegas visitation. The company’s outlook improves as more shows, residencies, sponsorships, and marquee events lift venue utilization, while contribution margins are estimated around 67% to 75% in FY26E and FY27E and SG&A falls as a percentage of revenue. Longer term, the prospect of additional venues, including capital-light structures such as Abu Dhabi, could spread a similar opex base across more locations, amortize content costs more efficiently, and support a stronger margin profile into 2026 and 2027.

Bear case

Sphere Entertainment is facing weakening fundamentals as The Wizard of Oz demand decelerates faster than expected, driving 3Q26 SPHR segment revenue down to about $197M from $211M and Sphere Experience revenue to roughly $110M, while adjusted EBITDA falls to about $33M with a margin near 16.8%. Softer Las Vegas tourism adds pressure, with August visitation down 4.3% YoY, Strip occupancy off 400 bps to 77.0%, average room rates down 11.4%, and RevPAR down 15.8%, signaling weaker attendance and lower revenue per show. The outlook is also burdened by heavy capital intensity, third-party licensing dependence, and MSG Networks’ exposure to declining MVPD subscribers and concentrated affiliate-fee risk, limiting operating leverage and cash flow visibility.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.